Troon Golf has already contracted with the prospective buyer, who has not yet been identified, to take over operations of the Cordova, Tenn. property in suburban Memphis. Over 160 acres of the now-closed North Course would be used for residential development, but the South Course, site of PGA tournaments in the ‘70s and ‘80s, will serve as an anchor for a new resort-style property tailored to an active senior community.
The local owners of Colonial Country Club in Cordova, Tenn., have a contract to sell not only the 162 acres of its now-closed North Course for residential development, the Commercial Appeal of Memphis, Tenn. reported, but also the club itself, its neighbors were told,
“This will be something we can be proud of,” principal owner Jim Russell, a member who led the purchase of the club in 2013 (http://clubandresortbusiness.com/2013/09/members-approve-colonial-cc-sale/), told more than 100 people attending the Countrywood Neighborhood Association’s annual meeting on February 22nd in the club’s ballroom, the Commercial Appeal reported.
In addition to the residents, Countrywood’s meeting drew both local mayors, the Memphis Police director and a dozen of his command staff, and Shelby County Sheriff’s Chief Deputy Floyd Bonner Jr., the Commercial Appeal reported.
The deal with the yet-identified buyer from Dallas, Texas would include the entire 400 acres, including the South Course and clubhouse facilities, the Commercial Appeal reported.
Golf management firm Troon Golf already has contracted with the prospective buyer and this week started taking over Colonial operations, the Commercial Appeal reported.
“[The new owners] will also spend millions of dollars to refurbish this club and will make this club user-friendly, family-friendly,” Russell said.
The new resort-style development would be tailored for an active senior community, the Commercial Appeal reported, with access to the private club’s facilities that include a swimming pool, dining, tennis courts and a fitness facility.
Colonial is still anchored by its 18-hole championship South Course, where the PGA Tour held annual tournaments from 1971 to 1988.
C&RB featured the club’s course-and-grounds department in a 2013 profile (http://clubandresortbusiness.com/2013/06/in-good-company-2/)
“Nothing has changed since the last time I talked to you,” Russell told the Countrywood residents. The plan is still to convert the old North Course property into 600 to 800 units of “mixed-use type” housing.
“The only difference: I won’t be developing them. We made a contract to sell the property,” Russell said.
Memphis-based architecture firm LRK will still lead the land planning for converting the North Course into a residential development.
Several earlier proposed deals to sell part or all of the private club over the past few years never closed, the Commercial Appeal reported.
The city has already approved a 2015 site plan for redevelopment of the North Course, the Commercial Appeal reported. A new plan might have to return to the Land Use Control Board and City Council for approval, depending on the extent of any proposed changes by the prospective owner.
Colonial’s property lines the southeast corner of Interstate 40 and U.S. 64.
City planning officials have said the project would likely be the biggest residential investment in Memphis since the last big phase of Mud Island, the Commercial Appeal reported.
Originally in East Memphis club, Colonial bought 385 acres southeast of I-40 in 1968 and moved the club there by 1972, the Commercial Appeal reported.
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